- Transaction Will Result in a Unique Turnkey In-Vehicle Parking Solution With Comprehensive Back-Office Network, Utilization of City Resources, Traffic Management and On-Line Real-Time Parking Information
- Acquisition Increases Pipeline of Opportunities and Opens New Markets
Commenting on the acquisition, Oded Bashan, Chairman & CEO of OTI said, "The acquisition of the assets of Ganis is in line with OTI's strategy of focusing on products and projects which generate recurring revenues and support our efforts to market our wise parking solutions. The transaction provides OTI with a platform to readily access new international parking markets together with enhancing our product offering, strengthening our IP portfolio and ultimately resulting in a superior turnkey parking management solution."ABOUT Ganis Ganis Systems Ltd., founded in 1991, is involved in the development, manufacturing and marketing of special parking solutions based on personal parking meters. Headquartered in Nes Ziona's Science Park, Israel, Ganis is active in the field of in-vehicle parking meters. Ganis products are being used by over 100 cities and university campuses in more than 10 countries world-wide. You can learn more about Ganis' products and technology at the company website: www.ganis-systems.com. About OTI Established in 1990, OTI (Nasdaq:OTIV) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking and loyalty programs. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards. For more information on OTI, visit www.otiglobal.com, the content of which is not part of this press release. The On Track Innovations Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5736 Safe Harbor for Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions, we are making forward-looking statements. Because such statements deal with future events and are based on OTI's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. For example, forward-looking statements include statements regarding our goals, beliefs, future growth strategies, objectives, plans or current expectations, such as those regarding the expected increase in projects number and pipeline of opportunities, expected increase in PARX's products offering, the expected ability to offer municipalities and parking authorities a complete and unique turnkey solution with a comprehensive back-office network, advance parking payment collection system, improved traffic management, efficient enforcement and on-line access to real-time parking information, and expected ability to access new international parking markets together with enhancing PARX's product offering, strengthening PARX's IP portfolio and ultimately resulting in a superior turnkey parking management solution. Forward-looking statements could be impacted by the transaction not closing due to a failure to meet closing conditions, OTI's inability to successfully integrate the operations of the purchased Ganis' assets into its own, further develop Ganis technology, market acceptance of new and existing products and our ability to execute production on orders, as well as the other risk factors discussed in OTI's Annual Report on Form 20-F for the year ended December 31, 2009, which is on file with the Securities and Exchange Commission. Although OTI believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.
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